TAIPEI (Taiwan News) – In an event on Friday that marked the establishment of an association for promoting mobile payment, Taiwan Premier William Lai said the government has been trying to push for the development of mobile payment solutions, hoping that with the help from the private sector, the use of mobile payment platforms in the country would reach 90 percent by 2025.
Lai said in order to increase the popularity of mobile payment, the Executive Yuan revised and implemented policies that would help better develop such payment solutions throughout the country.
Lai emphasized the government's determination to create a "smart country" where not only mobile payment but also artificial intelligence, big data, virtual and augmented reality would prosper.
Lai said the country has a good environment built upon solid infrastructure and industries such as telecommunications which will assist in popularizing mobile payment. Through cooperation between the government and private entities, the country will be able to build a dynamic economy competitive with other countries in the world.
The association for the promotion of mobile payment in Taiwan was joined by enterprises representing different industries, including telecommunications, banking, electronic ticketing, and retailing.
Cheng Yu (鄭優), chairman of Chunghwa Telecom (中華電信) who assumed the role of the director for the association, said now that an alliance had been formed to streamline cooperation in mobile payment solutions between industries, it was time to push promotions of mobile payment to consumers and revise the government's policies in favor of the development of mobile payment.
Cheng said the association would also need to negotiate for the standardization of mobile payment solutions.
According to the information provided by the Ministry of Economic Affairs (MOEA), transactions through mobile payment in the country this year reached NT$8 billion in August, and the amount is expected to surpass NT$10 billion by the end of the year.